Financial Aid

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Financial Aid 101



Federal Work-Study

Federal Direct Subsidized Loan

When and how do I pay back my loan?

You have a six month grace period after you graduate, leave school, or drop below half-time before you begin repaying your loans. During the grace period, you do not have to make payments on the principal and you will not be charged any interest on the subsidized portion of your total loan amounts. You can, of course, prepay your loans at any time without penalty.

The Federal Direct Loan Program offers a choice of repayment plans to meet your individual needs. You may choose any one of the plans and, in most cases, can change from one plan to another during your repayment period. There is no limit to the number of times you may switch from one plan to another. Each plan has certain features and conditions that you must carefully consider before deciding which plan to use. You will be able to receive information about these plans as well as other repayment options (such as loan consolidation) at your entrance or exit counseling.

Use the U.S. Department of Education's interactive Repayment Calculator to compare the estimated amount of your monthly payments under the various Direct Loan repayment plans.

Learn more about each of the above Direct Loan repayment options here.

Who manages my loan account?

  • BMCC logo
The City University of New York

Borough of Manhattan Community College
The City University of New York
199 Chambers Street, New York, NY 10007
212-220-8000 | Directory

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